The wholesaler Corvel delivers supplies to Ibéris during the first quarter of 20X1 and collects 120,000 at the full price. The contract provides that Ibéris will be refunded at year-end a rebate computed on its annual purchases; Corvel expects to pay back 4,800 in respect of this quarter's purchases (an estimate judged consistent with the constraint, case data). Record the entry for the quarter.
- Amount collected at the full price
- 120,000
- Rebate Corvel expects to pay back
- 4,800